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1 <br />LA515-119-856339.v1 <br />CITY OF LAKE ELMO <br />WASHINGTON COUNTY <br />STATE OF MINNESOTA <br /> <br />RESOLUTION NO. 2024-092 <br /> <br />A RESOLUTION APPROVING THE DEVELOPMENT AGREEMENT FOR BRIDGEWATER <br />VILLAGE <br /> <br /> <br /> WHEREAS, the City of Lake Elmo (the “City”) is a municipal corporation organized and <br />existing under the laws of the State of Minnesota; and <br /> <br /> WHEREAS, Bridgewater Bancshares, Inc. a domestic business corporation (the <br />“Applicant”) previously submitted an application to the City for a final plat for Bridgewater <br />Village; and <br /> <br /> WHEREAS, the Lake Elmo City Council adopted Resolution No. 2024-067 on May 21, <br />2024 approving the final plat for Bridgewater Village (the “Resolution”); and <br /> <br /> WHEREAS, the conditions of approval of the final plat in the Resolution included a <br />requirement that the Applicant enter into a development agreement acceptable to the City Attorney <br />and approved by the City Council that delineates who is responsible for the design, construction, <br />and payment of the required improvements with financial guarantees therefore; and <br /> <br /> NOW, THEREFORE, the City Council of the City of Lake Elmo hereby: <br /> <br />1. Approves the Development Agreement for Bridgewater Village and authorizes the <br />Mayor and City Clerk to execute it. The City Attorney is authorized to insert or modify <br />Exhibits of the Development Agreement and to fill in any blanks within the <br />Development Agreement as needed. <br /> <br />Passed and duly adopted this 17th day of September 2024 by the City Council of the City of Lake <br />Elmo, Minnesota. <br /> <br /> __________________________________ <br /> Charles Cadenhead, Mayor <br />ATTEST: <br /> <br />________________________________ <br />Julie Johnson, City Clerk <br />